The largest trader on Hyperliquid has been long Bitcoin For two months, the price chart started breaking out.
Glassnode data shows that whale positions on the on-chain perpetual futures exchange Hyperliquid shifted from net short to net long in early March and have remained long since then, with the scale of long preference increasing throughout April.
The shift coincided with Bitcoin’s surge from around $60,000 in February to near $80,000 earlier this week.
Over the past year, Hyperliquid has become the go-to on-chain trading venue for traders holding large positions, and the continued bullish bias of this group tends to cause spot Bitcoin price action to move for days to weeks, rather than following it.
In early March, it turned net long before rebounding from prices around $60,000. The current positioning is the most aggressive long position in the entire data set.
Bitcoin perpetual swap funding on major exchanges is -0.13% on a seven-day basis, meaning shorts are paying longs to keep their positions open, according to data from Coinglass.
This negative funding has lasted for approximately 47 consecutive days, making it one of the longest bearish derivatives positions on record. Persistent negative funding combined with aggressive long positioning by ultra-liquid whales is the technical structure to create a short squeeze when spot prices break out higher.
In the traditional financial sector, the S&P 500 closed at a record high on Friday, marking its longest weekly gain since 2024.
Meanwhile, in Pakistan, weekend talks between Iran and the United States did not take place. Iran’s foreign minister left the country before the U.S. delegation set out, and President Donald Trump canceled the delegation’s trip to Islamabad.
U.S. Treasury yields fell as the Justice Department concluded its investigation into Federal Reserve Chairman Jerome Powell, potentially clearing the way for Kevin Warsh to be confirmed as the next Fed chair.
Long positions in Hyperliquid will become evident in the coming hours and days.
